Stock Market News

Barclays 'may slash 7,500 investment bank jobs', says broker

Barclays could slash 7,500 investment banking jobs as part of an overhaul of its business following various scandals, a broker said on Wednesday.

Barclays could cut about 5,000 of the roles at its European fixed-income, currency and commodity business, according to a research note by analysts at Sanford C. Bernstein.

The bank said in February that it is planning to cut about 12,000 jobs across the group this year, of which about half would be in the UK.

A spokeswoman declined to comment on the Bernstein note.

Barclays' new Chief Executive Antony Jenkins is aiming to limit pay at the investment bank and cut costs by selling businesses as part of changes after Libor rigging allegations, PPI insurance mis-selling and a £5.8bn rights issue.

He has given up a potential £2.7m annual bonus, but faced criticism after defending a £200m increase in bonus payments to £2.4bn last year. He said the rises were needed to prevent an exodus of key staff.

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